TCFD publishes updated guidance and 2021 status report

Written by Zhuan Faraj

On 14 October 2021 the Task Force for Climate-related Financial Disclosures (TCFD) published updates to the implementation guidance on its Recommendations (Implementing Guidance). This was released alongside new Guidance on Metrics, Targets, and Transition Plans and its 2021 Status Report.

The Implementing Guidance provides updated guidance for all sectors as well as updated supplemental guidance for the financial sector (with guidance for banks, insurance companies, asset owners, asset managers) and non-financial groups (with guidance for energy, transportation, materials and buildings and agriculture, food and forest product groups). This includes guidance on:

• Governance - guidance on disclosing an organisation’s governance around climate-related risks and opportunities.
• Strategy - guidance on disclosing the actual and potential impacts of climate related risks and opportunities on an organisation’s business, strategy and financial planning.
• Risk Management – guidance on disclosing how an organisation identifies, assesses and manages climate-related risks.
• Metrics and Targets – guidance on disclosing the metrics and targets used to assess and manage relevant climate-related risks and opportunities. 

The publications can be accessed here: https://www.fsb-tcfd.org/publications/